Russian Copper Company denies Chair messes with taxes

‘ZAO Russian Copper Company and the BOD Chairman Igor Altushkin have nothing to do with MetallInvestService’s activity; they are neither employed by nor own nor are the founders or co-founders of this business. MetallInvestService was only a raw materials supplier for one of Russian Copper OCompany’s enterprises and has bought our ready produce once or twice,’ Russian Copper Company’s press officer said in response to the news item carried by RBC daily.

RBC daily claimed Igor Altushkin might be related to a criminal lawsuit involving VAT return for the non-existent non-ferrous scrap metal delivery. The newspaper reports the first detainees have mentioned his name in relation to a swindle that might have done over 5 billion RUR worth of damage.

RBC daily explains that a rather scandalous criminal trial featuring the top managers of OOO MetallInvestService Trade Industrial Company was started in late September 2009. The law-enforcement officers claimed the company had a scheme for the non-ferrous scrap metal supposedly ‘delivered’ to customers. The authorities believed the offenders had used the details of fictitious companies, some of which had been registered off shore. The seals and documents of over thirty such firms were found in the company’s Moscow office. It is believed that MetallInvestService had signed over 20 billion RUR worth of dubious agreements in 2005-2009, with the direct damage to the state estimated at nearly 5 billion RUR. RBC daily found out the investigative team is currently considering whether Igor Altushkin could have been involved in the scheme.

‘Any allegations as to Igor Altushkin’s involvement in the activity of MetallInvestService have been invented by reporters and have no truth in them whatsoever. Russian Copper Company would like to remind RBC daily that spreading such rumors is detrimental to our company’s reputation and therefore our profits, so we might see this as a good enough reason to take the reporters to court,’ the company reports.